A Charlottesville/Albemarle Area RE Blog tracking the market's Boom Bubble Bust Bounce, from 2008 to 2013. The second half of 2010 saw a steep downward spiral in sales; 2011 saw sales volume at 13 yr lo with prices dropping each Quarter. 2012 began with even lower prices which resulted in an uptick in Y/Y sales, and mid-2012 saw "Carpe Diem" trumping "Caveat Emptor." 2013: Booming. Are we a "Protected Market" once again? Time will tell.
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Friday, May 30, 2008

1606 Grove Road - $380,000.00

MLS #4449913 Bedrooms, 2 BathsYear Built: 1953Sq. Ft.: 2,130Acre: .50Like 935 Belmont, this brick Cape Cod has had its MLS description, and price point, modified several times, as it has been on the market for months in the Meadowbrook Heights Neighborhood near C'ville High.

The listing reads, "SELLER IS MOTIVATED!" We certainly hope so. The house has been in the same family for decades; any monies from the sale are sheer profit. The mortgage was paid in full long before some of us here at Real.Cville were even born!

Here's why the seller should be motivated to drop the asking price further:

The listing reads, "Sturdily built home in good condition & ready for occupancy." This is somewhat accurate. But at the last open house in April, the house also needed to have all windows opened for a week to air out the odor of moth balls. The "sturdily built" materials are those from the '50's, when inexpensive pressed board, lightweight doors, and new drywalling were coming into vogue.

"...main level formal living & dining rooms...." If "formal" means "separate" from each other, as opposed to the recent trend of "Great" rooms, well, o.k. then, we'll call it "formal." But there's nothing technically 'formal' about a brick Cape Cod.

"3 bedrooms, 2 bathrooms...." The bedrooms are small, with sliding-door closets, and the bathrooms are outdated. Add some more $$$ to your budget.

"Big sunny yard...." While accurate, the property parallels the 250 Bypass. The traffic noise is significant enough to make some people never want to set foot in the yard. Nor could the land be used, therefore, as a kitchen garden--unless a soil swap was performed by experts.

And the high tension wires and transformers hovering above the house? This is not a property for those concerned with radiation generated by electricity--which is anybody who has children.

On the other hand, if you're one of those tech-forward home buyers who plans on installing robots...this could be the house for you.

Suggestion: Drop the price to the median for 2004, since we're heading backwards in time in this market: $240,000.00, in our humble opinion.

Va. Housing Development Authority market data for the local Realtors Assn. indicates rising foreclosures, declining prices, then "correction" at least 12 months away.Comparisons: See Current Median Home Prices in Cville, Alb, other parts of VA, and 20 other markets.

Home prices likely lower in 2011, in 85% of the United States' 381 metropolitan areas - PMI Group. Includes graphs.VP Biden - We "Misread the Economy" - VideoThe number of foreclosures keeps rising because mortgageholders can't afford the modifications. Read the data.

Halsey Minor, King of The Tyvek Tower, is being sued not just by contractors, but by the funding bank. TheLandmark Mess continues. City claims it will not bail out the blight on the landscape and a real contrast to the $7.5 million in bricks at the base of the steel girders.